Do you know what an NFT is?
If you don’t, NFT stands for non-fungible token, which means something that is unique in its existence, where it cannot be replaced with anything else. For instance, you must know about bitcoin. A bitcoin is something that is fungible, as it can be traded for money or for another form of cryptocurrency, for the same value. So let’s hear about some of the latest NFT projects.
NFTs exist on the Ethereum blockchain. Ethereum is a form of emerging cryptocurrency that we see in all the currencies we see like Bitcoin, Binance and Dogecoin. As time has passed, other blockchains have started to implement their own takes on NFTs but Ethereum is the main currency that started it all.
How Do NFTs Work?
Well, NFTs can be presented in many forms. From drawings, to JPEGs, music and more, there is no virtually no limit to what kind of digital art can be turned into an NFT to be sold and profited off of. It’s meant to create a concept of fine art collection, but with digital art instead.
NFTs are usually designed by artists to give you a one of a kind piece of art that you will not be able to find anywhere, which is the ownership of the artwork. When you purchase an art piece from an NFT artist, you will keep the art but the artist will be able to keep the reproduction rights and copyright of the artwork. Then again, talking about digital art, having a copy of an art piece (unoriginal) is just as good as having an original copy of the art. But the NFT world provides a market for artists so that they can profit from the digital artwork, in case there is no physical market to house their specific genre of art.
What are some of the latest NFT projects?
Although the NFT world just started a few years ago, it’s constantly evolving according to the market and the trends. Nowadays NFTs are not just limited to artwork anymore, as they’ve integrated themselves into the fashion industry.
Currently the NFT world has opened up its space to house talented fashion designers who are intrigued by the true potential of the crypto & NFT world that they can tap into using their fashion designs. Of course, it’s important that fashion brands and designers try their best to be early adopters of the digital environment, as once it gets even more popular among the industry players, it may be harder to make your stand. It also really engages and encourages the younger generation to shop with them as it shows that you are in with the times.
If you are curious to find out about the latest NFT projects that you can mint from, you should check out NFTeller and subscribe to their NFT calendar so you can always be updated. If you do, you will never have to go out of your way to find out what’s new in the NFT world as you will always be updated by the calendar! Read our article about the evolution of NFTs here.